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COPT Completes Data Center Shell Joint Venture

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COLUMBIA, Md.–(BUSINESS WIRE)–Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announces the formation of a joint venture with Blackstone Real Estate Income Trust, Inc. (“BREIT”) to acquire seven of COPT’s existing, single-tenant, data center shell properties, which contain 1.2 million square feet of warehouse space, for a total value of approximately $265 million. COPT received $238.5 million in proceeds from this transaction. The joint venture will be owned 90% by BREIT and 10% by COPT.

“We are excited to form this new partnership with Blackstone, and believe this transaction demonstrates the strength of demand for strategically located data center shell properties leased to high credit tenants, as well as the strength of our development platform,” stated Stephen E. Budorick, COPT’s President & Chief Executive Officer.

North American Data Centers and KeyBanc Capital Markets served as COPT’s advisors on this transaction.

About COPT

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing what it believes are growing, durable, priority missions (“Defense/IT Locations”). The Company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of March 31, 2019, the Company derived 89% of its core portfolio annualized revenue from Defense/IT Locations and 11% from its Regional Office Properties. As of the same date and including six buildings owned through an unconsolidated joint venture, COPT’s core portfolio of 163 office and data center shell properties encompassed 18.2 million square feet and was 93.7% leased; the Company also owned one wholesale data center with a critical load of 19.25 megawatts.

About BREIT

Blackstone Real Estate Income Trust, Inc. is a perpetual-life, monthly NAV REIT that seeks to invest in stabilized, income-generating U.S. commercial real estate across the key property types, including multifamily, industrial, retail and hotel assets, and to a lesser extent in real estate-related securities. BREIT is externally managed by BX REIT Advisors L.L.C., a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $140 billion in investor capital under management. Further information is available at www.breit.com.

Forward-Looking Information

This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company’s financial condition and operations of its business. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements.

Important factors that may affect these expectations, estimates, and projections include, but are not limited to:

  • general economic and business conditions, which will, among other things, affect office property and data center demand and rents, tenant creditworthiness, interest rates, financing availability and property values;
  • adverse changes in the real estate markets including, among other things, increased competition with other companies;
  • governmental actions and initiatives, including risks associated with the impact of a prolonged government shutdown or budgetary reductions or impasses, such as a reduction in rental revenues, non-renewal of leases, and/or reduced or delayed demand for additional space by the Company’s strategic customers;
  • the Company’s ability to borrow on favorable terms;
  • risks of real estate acquisition and development activities, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated;
  • risks of investing through joint venture structures, including risks that the Company’s joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with the Company’s objectives;
  • changes in the Company’s plans for properties or views of market economic conditions or failure to obtain development rights, either of which could result in recognition of significant impairment losses;
  • the Company’s ability to satisfy and operate effectively under Federal income tax rules relating to real estate investment trusts and partnerships;
  • possible adverse changes in tax laws;
  • the dilutive effects of issuing additional common shares;
  • the Company’s ability to achieve projected results;
  • security breaches relating to cyber attacks, cyber intrusions or other factors; and
  • environmental requirements.

The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Contacts

IR Contacts:

Stephanie Krewson-Kelly

443-285-5453

stephanie.kelly@copt.com

Michelle Layne

443-285-5452

michelle.layne@copt.com

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Business Wire

JELD-WEN Holding, Inc. Responds to Latest Ruling in Steves & Sons Litigation

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CHARLOTTE, N.C.–(BUSINESS WIRE)–JELD-WEN Holding, Inc. (NYSE:JELD) (the “Company”) responded today to the latest ruling in its ongoing litigation with Steves & Sons, Inc. (“Steves”). The ruling awards further relief of $7 million to Steves as a follow-on to last year’s jury verdict. The Company is appealing the underlying judgment and will appeal the latest ruling as well.

The Company believes that many of the rulings that have been made during the course of this litigation are unprecedented and fundamentally incorrect as a matter of law, such as the exclusion of evidence of Steves’ theft of JELD-WEN’s trade secrets from the antitrust/breach of contract trial, and the fact that the transaction that JELD-WEN’s 2012 acquisition of CraftMaster Manufacturing Inc. was twice investigated by the Antitrust Division of the Department of Justice, which in both instances closed its investigations without taking any action. As JELD-WEN has maintained throughout, the facts underlying this dispute do not establish either a violation of the antitrust laws or a breach of contract. JELD-WEN’s appeal of the final judgment in the underlying action is now fully briefed and awaiting oral argument.

The most recent decision granting further relief is once again overreaching and procedurally improper. JELD-WEN intends to appeal this judgment, as it did with the judgment in the underlying actions, and will seek a stay of this decision pending resolution of that appeal.

Gary Michel, president & chief executive officer, commented, “JELD-WEN continues to make its first priority serving our customers and providing the industry-leading products for which our clients have come to depend on us. This case has not – and will not – shift our focus away from delivering for our customers. Throughout these court proceedings and appeal process, we have continued the market-leading innovation and high service levels our customers have come to know and value.”

About JELD-WEN

JELD-WEN, founded in 1960, is one of the world’s largest door and window manufacturers, operating manufacturing facilities in 20 countries located primarily in North America, Europe and Australia. Headquartered in Charlotte, N.C., JELD-WEN designs, produces and distributes an extensive range of interior and exterior doors, wood, vinyl and aluminum windows and related products for use in the new construction and repair and remodeling of residential homes and non-residential buildings. JELD-WEN is a recognized leader in manufacturing energy-efficient products and has been an ENERGY STAR® Partner since 1998. Our products are marketed globally under the JELD-WEN® brand, along with several market-leading regional brands such as Swedoor® and DANA® in Europe and Corinthian®, Stegbar®, and Trend® in Australia. For more information visit www.jeld-wen.com.

Contacts

Investor Relations: Chris Teachout, +1.704.378.7007 or investors@jeldwen.com
Media Relations: Chris Benware, +1.503.488.4402, JELD-WEN@cmdagency.com

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Business Wire

INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation on Behalf of Ameris Bancorp Investors

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BENSALEM, Pa.–(BUSINESS WIRE)–$ABCB–Law Offices of Howard G. Smith announces an investigation on behalf of Ameris Bancorp (“Ameris” or the “Company”) (NASDAQ: ABCB) investors concerning the Company and its officers’ possible violations of federal securities laws.

On November 21, 2019, after the market closed, the Company disclosed that it had received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) requesting documents and materials related to the purchase of US Premium Finance and the sale of certain loans to CEBV LLC. Additionally, Ameris Bank, the banking subsidiary of the Company, received a grand jury subpoena from the US Attorney’s Office for the Northern District of Georgia.

On this news, the Company’s stock price fell sharply during afterhours trading, thereby injuring investors.

If you purchased Ameris securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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Business Wire

INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation on Behalf of Fiat Chrysler Automobiles N.V. Investors

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BENSALEM, Pa.–(BUSINESS WIRE)–$FCAU–Law Offices of Howard G. Smith announces an investigation on behalf of Fiat Chrysler Automobiles N.V. (“Fiat” or the “Company”) (NYSE: FCAU) investors concerning the Company and its officers’ possible violations of federal securities laws.

On November 20, 2019, General Motors Company (“GM”) filed a federal racketeering lawsuit against Fiat and its former executives, accusing Fiat of bribing United Auto Workers (“UAW”) officials to receive more favorable terms in labor negotiations. The lawsuit alleged that the scheme was authorized at the highest levels of Fiat Chrysler, including the Company’s late Chief Executive Officer Sergio Marchionne.

On this news, Fiat’s stock price fell $0.58 per share, or nearly 4%, to close at $15.00 per share on November 20, 2019.

If you purchased Fiat securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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